The law was passed by Legislative Chamber on 9 November 2012 and approved by Senate on 5 December 2012. It came into force on 4 January 2013.

The document is directed at further improving business environment, strengthening legal protection of businesses entities and reforming judicial-legal system.

The law introduces changes and amendments to Criminal Code, Criminal Procedural Code, Civil Code, Tax Code, Customs Code, law “On Central Bank”, law “On agriculture cooperative”, law “On competition”, law “On telecommunication”, etc.

Changes and amendments envisage several novelties, directed at further improving legal guarantees of protection business entities, inspection of their activities by controlling bodies, ensuring development of microfinancing market, unifying taxation system, liberalization of criminal and criminal procedural legislation, improving traffic security.

The law also abolished norm, in line with which employees of banking and financial institutions will not be attracted to criminal responsibility if debtors do not repay loans.